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Old 06-17-2008, 10:59 AM
Scav Scav is offline
Saratoga
 
Join Date: May 2006
Location: Northwest of The Chi
Posts: 16,012
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Quote:
Originally Posted by SundayStar
actually, he does:

"Gambling winnings are taxable on your tax return. You can deduct gambling losses on your tax return only if you itemize tax deductions and only to the extent of your gambling winnings. Claim your gambling losses as a miscellaneous tax deduction on Schedule A of Form 1040. It is important to keep an accurate diary or similar record of your gambling winnings and gambling losses. To deduct your gambling losses on your tax return, you must be able to provide receipts, tickets, statements or other records that show the amount of both your gambling winnings and gambling losses. You cannot deduct or carry forward a net gambling loss on your tax return; even if you are a professional gambler."
exactly....
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